TLDR
- Banco Santander has launched retail crypto trading through its online bank, Openbank.
- German customers can now trade Bitcoin, Ether, Litecoin, Polygon, and Cardano on Openbank.
- The service will expand to Spanish clients in the coming weeks and include more tokens.
- Openbank charges a 1.49% fee per transaction, with no custody fees involved.
- Banco Santander aims to attract younger, tech-savvy investors by offering crypto alongside traditional investments.
Banco Santander has launched a new service that allows retail crypto trading through its online bank, Openbank. Starting this week, customers in Germany can buy and sell Bitcoin, Ether, Litecoin, Polygon, and Cardano. The service will soon expand to Spanish clients and include additional tokens in the coming months.
Banco Santander Becomes First Major EU Bank in Crypto
With the rollout, Banco Santander becomes one of the first major European banks to offer retail crypto trading. Openbank’s crypto service supports a range of digital currencies, marking a significant entry into the market. According to the bank, the move aligns with the European Union’s Markets in Crypto-Assets regulation, which offers clearer guidelines for crypto services.
Carlos Carriedo, the CEO of Openbank, stated, “Expanding into crypto is a natural next step as we strengthen our platform’s appeal.” The service charges a fee of 1.49% per transaction with a minimum of one euro. Santander emphasized that there are no custody fees for digital assets, aiming to provide competitive pricing for its customers.
Crypto Trading Expands Across Europe
The bank’s crypto trading service will first be available to German retail clients, before expanding to Spain. In Germany, where competition from fintech firms is increasing, Banco Santander aims to attract younger investors. The launch demonstrates the bank’s commitment to diversifying investment options for its customers.
Openbank already offers tools like a Robo Advisor and access to thousands of stocks, funds, and exchange-traded funds. The bank believes that adding crypto to its portfolio strengthens its position among competitors. Openbank’s clients can now explore a wider array of digital asset options alongside traditional investments.
Santander Confident in Compliance with MiCA Regulation
Banco Santander plans to expand the selection of available digital currencies in the future. In addition to Bitcoin, Ether, Litecoin, Polygon, and Cardano, new tokens will be added to the platform. The bank also plans to introduce features like direct conversion between different cryptocurrencies, which is expected to enhance the customer experience.
As European regulators embrace digital assets, Santander is confident that its crypto offering complies with the latest standards. The Markets in Crypto-Assets regulation (MiCA) has provided legal clarity for financial institutions. With this regulatory framework in place, Banco Santander aims to establish itself as a leader in the growing European crypto market.
